Iron Mountain Incorporated (IRM) vs SBA Communications Corporation (SBAC)
A side-by-side comparison of Iron Mountain Incorporated and SBA Communications Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — IRM vs SBAC
growth of $100 · dividends reinvested · last 10yIRM vs SBAC: by the numbers
- •IRM is the larger company ($33.14B vs $17.62B market cap).
- •SBAC converts more revenue to profit (34.51% vs 5.54% net margin).
- •IRM grew revenue faster over the past five years (11.97% vs 5.63% CAGR).
- •IRM pays the higher dividend yield (2.93% vs 2.54%).
Metrics side by side
Valuation
| Metric | IRM | SBAC |
|---|---|---|
| P/E ratio | 79.56 | 17.88 |
| Forward P/E | 44.66 | 21.58 |
| P/S ratio | 4.38 | 6.14 |
| EV / EBITDA | 21.31 | 17.48 |
| FCF yield | N/A | 5.96% |
For REITs like Iron Mountain Incorporated, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like SBA Communications Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | IRM | SBAC |
|---|---|---|
| Gross margin | 25.69% | 41.61% |
| Operating margin | 18.76% | 50.79% |
| Net margin | 5.54% | 34.51% |
| ROIC | 6.34% | 11.87% |
Dividends
| Metric | IRM | SBAC |
|---|---|---|
| Dividend yield | 2.93% | 2.54% |
| Payout ratio | 241.21% | 50.81% |
Iron Mountain Incorporated's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
SBA Communications Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | IRM | SBAC |
|---|---|---|
| Revenue CAGR (5Y) | 11.97% | 5.63% |
| EPS CAGR (5Y) | -16.26% | 115.83% |
| FCF CAGR (5Y) | -43.23% | 1.35% |
| Total return CAGR (5Y) | 24.35% | -10.57% |
Frequently asked
- Which has grown faster, IRM or SBAC?
- Over the past five years, IRM grew revenue faster — IRM at a 11.97% CAGR versus SBAC at 5.63%.
- Does IRM or SBAC pay a bigger dividend?
- IRM yields 2.93% and SBAC yields 2.54% based on trailing dividends and the latest price.
- Is IRM or SBAC more profitable?
- SBAC runs the higher net margin — IRM at 5.54% versus SBAC at 34.51%.
- How have IRM and SBAC total returns compared?
- Over the past 10 years, IRM delivered 18.31% and SBAC delivered 6.38% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Iron Mountain & SBA Communications appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.